A new report from Research and Markets values the augmented and virtual reality in healthcare market at a whopping $769.2 million in 2017. The report predicts that by 2023, just five years from now, it will be valued at nearly $5 billion.

Key reasons for the increased value of this market include increasing use of connected devices in healthcare, more investment in healthcare augmented reality and virtual reality, and the continuing need to drive healthcare costs down. A lack of training, competence, and expertise among healthcare professionals in adopting augmented reality and virtual reality solutions is one of the major challenges to growth.

Interest in AR and VR as patient care management solutions continues to rise along with the use of telemedicine capabilities, both allowing for more flexible and affordable patient consultations.